GiG Achieves Record Revenues in Q2 2023

Gaming Innovation Group Inc. (GiG) has marked a remarkable milestone with its Q2 2023 financial report, revealing record-breaking revenues of €31.1 million and an adjusted EBITDA of €14.0 million.

Significant growth

This impressive performance showcases a significant 40% year-on-year increase in revenues, demonstrating the company’s robust growth trajectory. Notably, 22% of this growth was organic, illustrating GiG’s ability to expand its operations in a competitive market.

GiG’s adjusted EBITDA also saw a substantial boost, climbing by 68% to reach €14.0 million. The adjusted EBITDA margin hit an all-time high at 45.0%, showing substantial progress towards the company’s financial target goal of 50%.

The financial achievements are further highlighted by a remarkable increase in EBIT, which rose by 173% year-on-year, achieving a margin of 21.1%. The company’s earnings per share (EPS) reached €0.05, a notable increase from the previous year’s €0.01.

Operational Highlights

The GiG Media sector experienced significant growth, reaching an all-time high of €21.7 million in revenues, showcasing a 47% increase year-on-year. The sector’s adjusted EBITDA amounted to €10.3 million.

Platform & Sportsbook also achieved organic growth, with revenues of €9.3 million, up 27% from the previous year. Adjusted EBITDA for this sector reached €3.7 million, with an impressive adjusted EBITDA margin of 39.7%.

The company reported a positive cash flow from operations of €9.1 million, underscoring its strong financial management.

GiG Media saw a 38% year-on-year increase in First Time Depositors (FTDs), reaching 109,400.

GiG experienced a successful brand expansion, launching two new brands and signing three new agreements for Platform & Sportsbook.

The operational achievements were further acknowledged by external recognition. GiG was awarded the Full-service Platform Provider and Multi-channel Supplier of the Year at the 2023 EGR B2B awards.

Future Outlook

GiG’s CEO, Richard Brown, expressed his satisfaction with the Q2 results, stating “The second quarter of 2023 has proven another step forward for GiG with the business reaching another all-time high in revenues. We now look into the second half of the year with total focus on ensuring strong growth mechanics, continued operational improvement and long-term scalability for GiG”.

Looking ahead, GiG has signed new agreements and witnessed the launch of additional brands in Q3 2023. The company’s successful expansion efforts have extended into new markets, including Serbia and Latin America.

The company’s promising performance is set to continue, with July already showing a 30% revenue increase compared to the same period last year, with 10% growth attributed to organic expansion.

GiG’s Q2 financial report not only reflects its exceptional growth but also positions the company for continued success and innovation in the evolving gaming industry.